Friday, June 15, 2012

Forex price action analysis NZD/JPY

The cross price action did exactly what we have been expected and wrote about on 13 of June. The pair started a bearish move after breaking the H4 candle’s low at 61.82. Further pressure was seen just before the rate decision of RBNZ. The NZD/JPY reached the support of the rising trend line and recorded a daily low at 61.32 and bounced back. From there bearish pressure was diminishing leading the pair to trade above 62.20 and closing our deal with a minimal lose. A re-entry could have been taken once the pair spiked creating a bearish candlestick right on the resistance line of the wedge. According to price action analysis of the NZD/JPY, the pair is zigzagging in a tight trading range with no clear direction for the next move. Meanwhile, It is highly recommended to stay out and to wait for the results of the election in Greece.

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